Recap:
Friday July 9, 2010
Financing Progresses, Sure Fund Issues up to USD$180 Million in Principally Protected Notes in Favor of Empire's 12 Hole Drilling Program
LEAWOOD, Kan., July 9 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire) (Pink Sheets:EEGC.pk - News) and its wholly owned Australian subsidiary, Great South Land Minerals, Limited (GSLM) announced on Friday, July 9th, 2010 that Sure Fund, an international investment fund and member of the Sure Group of companies (www.surecapital.org) has agreed to issue up to USD$180 million in principally protected notes in favor of Empire Energy's 12 hole drilling program. This financing is intended to consist of up to nine USD$20 million rated "A" notes, each principally protected and offering a strong structured return. The notes will be payable on a quarterly basis and available to any investor.
Empire and GSLM CEO Malcolm Bendall said, "With today's announcement by Sure Fund, Empire's potential financial position continues to strengthen. Sure Fund's USD$180 million principally protected notes are planned to provide Empire and GSLM with the financial capacity to drill and test a minimum of 12 of its highest priority oil and gas targets. Sure Capital has also commenced discussions with Empire regarding funding in the sum of USD$300 million for the development and commercialization of a proprietary flare gas technology for which Empire has first option on the North and South American rights. As previously publicly disclosed, the international firm AECOM has estimated that Empire's annual revenue stream from the flare gas technology applications in North and South America has the potential to achieve USD$2.7 billion per annum." AECOM is a global provider of professional and technical management support services to a broad range of markets, including the energy sector.
GSLM is currently in the process of preparing a submission to the Tasmanian Government for expansion of its licensed areas under both Exploration License (EL) 14/2009 and reinstatement of the Special Exploration License (SEL) 13/2009 area.
Empire's Rights Offering remains open and is scheduled for a closing date of July 30, 2010.
It is the intention of Empire and GSLM that, once financing has been successfully completed and the Company is in a stronger financial position, it will advance its early stage discussions to create a Joint Venture with a gulf region oil company to manage the business operations for the full development of oil and gas in the Tasmania Basin.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward- looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward- looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.
Contact: Malcolm Bendall
913-663-2310 begin_of_the_skype_highlighting 913-663-2310 end_of_the_skype_highlighting begin_of_the_skype_highlighting 913-663-2310 end_of_the_skype_highlighting
